A shareholder representing the AFL-CIO has called for the board to be voted out. Another speaker at Tuesday's meeting said there seemed to be a "culture of dishonesty" at the company and elsewhere. Chairman Stephen Sanger said the company has been held accountable and has made changes.

Two major proxy advisory firms have advised shareholders to vote out at least some of the directors. Wells' board has advised shareholders to vote against a proposal calling for yet another internal investigation into the bank's sales practices.

It's the bank's first shareholder meeting since Wells Fargo's sales practices scandal erupted, leading to an executive shake-up, fines and a dented reputation.